Business
GTX Corp First Quarter 2019 Summary
GTX Corp First Quarter 2019 Summary.
About this update from Metalert Inc
[{"type":"text","content":"\nLOS ANGELES, CALIFORNIA, May 28, 2019 (GLOBE NEWSWIRE) -- GTX Corp (OTCQB: GTXO) (“the Company”), a pioneer in the field of wearable GPS, people and asset tracking Location-Based Services (LBS) and Real-Time Location Systems (RTLS), today announced a summary for the First Quarter ended March 31, 2019.\n First Quarter 2019 Highlights Overall Revenue decreased 59% over 2018 comparable periodOverall Subscribers increased 26% over 2018 comparable periodInternational Subscribers increased 37% over 2018 comparable periodDomestic Subscribers increased 15% over 2018 comparable periodIP Revenue increased 170% over comparable 2018 period Outside Financings decreased by 75% over 2018 comparable periodNet cash used in operations decreased 45% over 2018 comparable period Management commentary: Patrick Bertagna, CEO, GTX Corp. Due to unforeseen and unexpected production delays surrounding Chinese New Year, we unfortunately missed our numbers because of timing and not being able to get product shipped out before the end of the Quarter. We did, however, ship all of our back orders in April, and as our business grows and we continue to increase our subscriber base, we expect these fluctuations in product sales to not be as impactful on revenues, hence why we continue to focus on building high-margin, recurring revenues from service subscriptions and IP licensing. We used far less cash this Quarter, did not take on any new convertible financing, grew our subscriber base, transitioned our IP campaign by signing multiple license agreements, were granted two new patents, received a new military contract from an additional base, and partnered with Flint Rehab on an exciting new wearable and machine learning project. Product revenues for the First Quarter 2019 were also impacted because we shipped approximately $160,000 less to the military in the Quarter, than we did in First Quarter 2018. We have since received a new military order and expect to resume shipping the military in June. Even though product sales were lower due to not being able to get product out the door before the end of the Quarter, subscriber revenues and total number of subscribers were up. We did managed to keep a limited amount of SmartSole inventory on hand so our production delays did not impact consumer sales and therefore our subscriber revenues and total number...